Commissioner Peirce On SEC’s Next Moves
Episode publishedPodcast: EmpireEmpire
Transcript preview
Preview only
Part of what we have to do now, though, is explain that, hey. You know what? Some things actually are not despite some statements that have been made by this agency in the past, some things that are labeled crypto. In fact, many things that are labeled crypto have nothing to do with us. Now let's focus on where people are using a token, for example, as part of an effort to raise money, and that capital raising function is something that we regulate. Or take someone who's trying to figure out a new way to issue a security using blockchain rails, tokenizing securities, that's very much within ou
This episode is brought to you by Scale, the next evolution in layer one blockchains. Explore the gas free ecosystem at scale.space/ecosystem and follow their journey on x at scale network. Thanks to scale for making today's episode possible. Nothing said on empire is a recommendation to buy or sell any investments or products. This podcast is for informational purposes only, and the views expressed by anyone on the show are solely their opinions, not financial advice or necessarily the views of Blockworks. Our hosts, guests, and the Blockworks team may hold positions in the companies, funds,
It's great to be here. Thanks for having me. And I do wanna start with my disclaimer, which is that my views are my own views as a commissioner, not necessarily those of the SEC or my fellow commissioners.
Yeah. Gotta get that gotta get that in. Okay. So I actually have a more personal question for you at the top of this, which is, you know, oftentimes on Empire, we have a lot of investors and founders, and they they like to sometimes gloat about being right and about being early and about, you know, that kind of stuff. And, you know, I know that's not really the role of a regulator to to to gloat and say I was early, but you you were early. And I'm just curious from a personal point of view. You know, I remember when you were really the only pro crypto person at the SEC, and a lot of people wer
Well, what I'm happy about is that people who have been living under a cloud of uncertainty now for for a lot of years and people who have been pushing up against, really hostile regulation or at best ambiguous regulation. And I think the two can kind of be the same thing because if you have ambiguity, it's really hard to know whether and how to move forward. So I'm really happy for people that they're out of that wilderness now and that they can be, in an environment where they can actually get hearing from regulators across the government. And I hope to get to a better place. Because some of
What why I'm curious why you've you know, this industry is a funny industry. Right? Because there's so many times that you that you can turn on the industry. Like, there's so many there's so many reasons why someone could not like crypto. You know, there was a lot there's certainly there was the 2018, 2019 was a very dark bear market where it's kinda like, is this even gonna work? And, you know, after FTX and SPF and that there's, like, so you know, a lot of the scams and there's too much leverage in the system. And even in this bull market, maybe you could be very anti meme coins and things l
Well, I think generally, when I came into the job at the SEC, I did know about crypto. I was familiar with Bitcoin and had been for for some time, but it really wasn't as much about crypto as it was about knowing that my agency, an agency that I had worked at before, was not particularly good when it came to innovation. So thinking about how to regulate an industry and ensure that it's dynami
Keep exploring with a free account.
A free account preserves the short preview. Upgrade to Pro for the full transcript and episode chat.